JP Morgan CEO says it could move 4,000 jobs out of Britain

JP Morgan chief executive Jamie Dimon has reiterated a warning that the US investment bank could move thousands jobs out of the UK after Brexit.

In an interview with the BBC at the World Economic Forum in Davos, Dimon said if negotiations between the UK and the European Union lead to a divergence in banking rules, the lender will be forced to cut its 16,000-strong workforce in the UK by a quarter.

The warning is a repeat of a comment Dimon made ahead of the EU membership referendum, when he said 4,000 UK jobs could be moved after Brexit. He has since said the final figure is more likely to be between 500 and 1,000 - but today he changed that again.

"If we can't find reciprocal recognition of rules, and there are a lot of people who are mad with the Brits for leaving and want their pound of flesh, then it could be bad. It could be more than 4,000," he warned.